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Insulet cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$66.4M in Q3 2026 · $260M over twelve months

Operating cash flow$124M
Capital spending−$57.1M
Free cash flow+$66.4M
Cash / net income0.9×
Cash conversion cycle234 days

Analysis

In Q3 2026, Insulet generated $124M of operating cash flow and spent $57.1M on capital projects, leaving free cash flow of $66.4M. That is $33.7M less than in Q3 2025 ($100M).

Over the twelve months to Sep 30, 2026, operating cash flow was $509M; the largest uses were buybacks ($300M), capital spending ($249M), other financing ($62.8M); besides operations, cash came from shares issued ($2.5M); the cash balance fell by $173M.

Operating cash flow was $124M against net income of $141M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$68.1M, accrued liabilities +$34.5M, payables +$32.1M.

Its cash conversion cycle was 234 days (receivables 70 + inventory 227 − payables 63).

Free cash flow

Insulet: free cash flow by quarterInsulet: free cash flow by quarter$93.9MQ4 2024$51.5MQ1 2025$178MQ2 2025$100MQ3 2025$48.2MQ4 2025$89.5MQ1 2026$55.9MQ2 2026$66.4MQ3 2026
Operating cash flow less capital spending.
Insulet: operating cash flow against capital spendingInsulet: operating cash flow against capital spendingOperating cash flowCapital spending$148M$53.6MQ4 2024$63.8M$12.3MQ1 2025$196M$18.6MQ2 2025$126M$25.6MQ3 2025$183M$135MQ4 2025$114M$24.3MQ1 2026$88.4M$32.5MQ2 2026$124M$57.1MQ3 2026
Latest (Q3 2026): Operating cash flow $124M, Capital spending $57.1M.

Capital allocation, year by year

Insulet: where the cash came from (up) and went (down), by fiscal yearInsulet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$68.1MFY2021: Net borrowing −$461MFY2021: Shares issued $15.4MFY2021: Capital spending −$112M$15.4MFY2021FY2022: Operating cash flow $119MFY2022: Net borrowing −$15.3MFY2022: Shares issued $6.9MFY2022: Capital spending −$123MFY2022: Acquisitions −$26.0M$126MFY2022FY2023: Operating cash flow $146MFY2023: Shares issued $16.3MFY2023: Capital spending −$75.6MFY2023: Acquisitions −$3.0M$162MFY2023FY2024: Operating cash flow $430MFY2024: Net borrowing −$57.5MFY2024: Shares issued $8.2MFY2024: Capital spending −$125M$438MFY2024FY2025: Operating cash flow $569MFY2025: Net borrowing $378MFY2025: Shares issued $19.0MFY2025: Capital spending −$192MFY2025: Buybacks −$59.6M$967MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were capital spending ($627M) and net borrowing ($534M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$584M
Debt$962M
Net debt$378M
Due within a year$18.4M

Insulet funds itself: free cash flow was $260M over the last twelve months, and $584M of cash and investments stands against $962M of debt ($18.4M due within a year, 31.8× covered by cash).

Insulet: debt maturities by year (FY2025)Insulet: debt maturities by year (FY2025)$18.4MYear 1$19.4MYear 2$12.1MYear 3$5.0MYear 4$5.0MYear 5
Principal due in each year as disclosed in the annual report, against $584M of cash and investments now.

Where the cash came from and went

Insulet: sources (+) and uses (−) of cash, Q3 2026Insulet: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$124MCapital spending−$57.1MCash drawn (+) / kept (−)−$49.5MOther investing−$9.8MOther financing−$4.7MExchange rates−$1.1MNet borrowing (+) / repaid (−)−$800KTaxes on employees’ shares−$700KShares issued$200K
Insulet: sources (+) and uses (−) of cash, TTM to Q3 2026Insulet: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$509MBuybacks−$300MCapital spending−$249MCash drawn (+) / kept (−)$173MOther financing−$62.8MOther investing−$35.8MTaxes on employees’ shares−$17.7MNet borrowing (+) / repaid (−)−$16.4MExchange rates−$2.8MShares issued$2.5MNot reconciled−$100K

From profit to cash

Insulet: net income to operating cash flow, Q3 2026Insulet: net income to operating cash flow, Q3 2026Net income$141MDepreciation & amortization$28.2MStock-based pay$20.6MDeferred taxes$13.3MInventory−$68.1MPayables$32.1MAccrued liabilities$34.5MPrepaid and other assets$21.3MOperating cash flow$124M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267022763234
Q2 20266418052193
Q1 20266317743196

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$124M−$57.1M—−$800K$200K−$49.5M$66.4M
Q2 2026$88.4M−$32.5M——$100K−$54.5M$55.9M
Q1 2026$114M−$24.3M−$300M—$400K$236M$89.5M
Q4 2025$183M−$135M—−$15.6M$1.8M$41.4M$48.2M
Q3 2025$126M−$25.6M−$29.5M−$14.2M$4.6M$364M$100M
Q2 2025$196M−$18.6M−$30.1M−$19.2M$10.1M$162M$178M
Q1 2025$63.8M−$12.3M—$427M$2.5M−$330M$51.5M
Q4 2024$148M−$53.6M—−$21.4M$500K−$50.7M$93.9M

Insulet: income statement and cash flow

Insulet, Q3 2026: revenue $842M (+19% year over year), operating margin 22.5%. The chart follows the revenue to costs, profit and cash.

Insulet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.